Stock market news: The Indian equity market closed on a positive note, with the Sensex increasing by 575 points to finish at 82,605, while the Nifty 50 rose by 178 points to end at 25,324. This upward trend was fueled by widespread optimism, attributed to declining crude oil prices, favourable global signals, and expectations of a forthcoming RBI rate cut after inflation dipped to an eight-year low of 1.54%.
Leading the surge were Bajaj Finance, Bajaj Finserv, L&T, Asian Paints, and Nestle India, each climbing by as much as 4%, whereas the IT giants Infosys and Tech Mahindra experienced slight declines following their Q2 earnings reports.
Global sentiment improved as US Treasury yields declined and crude oil prices dropped beneath $78 per barrel, alleviating worries about inflation and trade.
With inflation at its lowest levels in years and crude prices becoming stable, predictions for a rate reduction by the RBI in its December meeting are strengthening, which may continue to support buying enthusiasm in interest-sensitive sectors such as real estate, banking, and automobiles, stated Abhinav Tiwari, Research Analyst at Bonanza.
Trade Setup for Thursday
Rupak De, a Senior Technical Analyst at LKP Securities, mentioned that the Nifty 50 experienced a significant rise, overcoming the pessimism from the prior session. By the close of trading, the index successfully finished above the resistance range of 25,250–25,300. Additionally, the index seems to be comfortably trading above the 21-EMA (25,061), suggesting a bullish momentum. In the near term, the index could potentially reach 25,500–25,600. Conversely, a drop below 25,250 could lead to a short-term correction.
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Vinod Nair, Head of Research at Geojit Investments, mentioned that after two days of declines, the national market moved upwards; a dovish statement from the Fed chair regarding interest rates and a potential halt to quantitative tightening boosted global market sentiment.
The US 10-year yield fell, and the rupee appreciated, suggesting a shift in momentum for foreign institutional investors towards emerging markets like India, which could influence the domestic market direction in the short to medium term. The real estate sector outperformed thanks to a more favourable interest rate environment and appealing valuations, while positive global signals benefited the IT and Metal indices.
Stocks to buy today
Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, recommended these eight intraday stocks for today: Intellect Design Arena Ltd, Oil India Ltd, Asian Paints Ltd, Lupin Ltd, Aditya Birla Capital Ltd, Paradeep Phosphates Ltd, One 97 Communications Ltd (Paytm), and CG Power and Industrial Solutions Ltd.
Sumeet Bagadia’s stock picks
Intellect Design Arena Ltd: Bagadia recommends buying Intellect Design Arena share price at ₹995 keeping a stoploss at ₹950 with a Intellect Design Arena share price target of ₹1,070.
Intellect Design share price was trading around ₹995 and recently the stock is forming a higher high and higher low pattern after consolidation and taking support on the downside.
On the upside, the stock is facing immediate resistance near ₹1,020. A sustained move above this level could act as a signal for a rising trend, paving the way for further upside towards the ₹1,070 zone. On the downside, Intellect Design is getting solid support at its 200-day EMA, placed around ₹965, where accumulation has been observed — highlighting active buying interest at lower levels.
Traders may consider buying Intellect Design at ₹995 with a stop loss at ₹950 for a target of ₹1,070, provided appropriate risk management strategies are followed.
Oil India Ltd: Bagadia recommends buying Oil India share price at ₹423 keeping a stoploss at ₹409 with a Oil India share price target of ₹450.
Oil India share price was trading around ₹423, and the stock has been forming a pattern of higher highs and higher lows on the smaller time frame, indicating a steady upward momentum. Presently, it is consolidating within a narrow range and is on the verge of a potential breakout from this consolidation zone. Consistent buying volumes have been observed, which further reinforce the stock’s positive momentum and suggest continued investor interest on the upside.
In conclusion, based on the current price structure and momentum indicators, a breakout above ₹426 could trigger further upside towards ₹450 levels. Traders may consider buying Oil India at ₹423 with a stop loss of ₹409 for a target of ₹450, provided appropriate risk management strategies are followed.
Ganesh Dongre’s stocks to buy today
Asian Paints Ltd: Ganesh Dongre recommends buying Asian Paints share price at ₹2,375 with a stoploss at ₹2,300 with Asian Paints share price target of ₹2,500.
Asian Paints share price has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. Asian Paints share price trading at ₹2,375 and has established a solid support base at ₹2,300. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment.
The technical setup points to the potential for a price retracement toward the ₹2,500 level in the near term. Given the renewed strength and the favourable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹2,300 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone.
Lupin Ltd: Ganesh Dongre recommends buying Lupin share price at ₹1,940 with a stoploss at ₹1,910 with Lupin share price target of ₹1,980.
Lupin share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹1,940 and maintaining a strong support at ₹1,910.
The technical setup indicates the potential for a price retracement towards the ₹1,980 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹1,910 offers a prudent approach to capturing the anticipated upside.
Aditya Birla Capital Ltd: Ganesh Dongre recommends buying Aditya Birla Capital share price at ₹304 with a stoploss at ₹290 with Aditya Birla Capital share price target of ₹320.
Aditya Birla Capital share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders.
Aditya Birla Capital share price was priced at ₹304 and maintaining a strong support at ₹290. The technical setup indicates the potential for a price retracement towards the ₹320 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹290 offers a prudent approach to capturing the anticipated upside.
Shiju Koothupalakkal intraday stocks for today
Paradeep Phosphates Ltd: Shiju Koothupalakkal recommends buying Paradeep Phosphates share price at ₹179.50 with a Paradeep Phosphates share price target of ₹192 with a stop loss of ₹175.
Paradeep Phosphates share price after witnessing a short period of correction has once again flattened out and taken support near the upper band of the ascending channel pattern on the daily chart and with a positive candle formation with significant volume participation witnessed has improved the bias to anticipate for further rise in the coming sessions. The RSI is well placed and indicated a positive trend reversal to signal a buy gaining strength and with much upside potential visible, can carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock for upside target of 192 keeping the stop loss at 175 level.
One 97 Communications Ltd: Shiju Koothupalakkal recommends buying Paytm share price at ₹1,277 with a Paytm share price target of ₹1,330 with a stop loss of ₹1,250.
Paytm share price has witnessed a decent consolidation near the ₹1,230-1,250 zone and currently with a bullish candle pattern has indicated a breakout with significant volume participation visible to further strengthen the bias to expect for further upward movement in the coming days.
The RSI has been gaining strength and with currently much upside potential visible, we expect further gains and can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 1,330 keeping the stop loss of 1,250 level.
CG Power and Industrial Solutions Ltd: Shiju Koothupalakkal recommends buying CG Power share price at ₹757 with a CG Power share price target of ₹795 with a stop loss of ₹740.
CG Power share price has been consolidating for quite some time and currently has indicated a bullish candle pattern with improving bias and significant volume participation to improve the bias and expect for further upward movement in the coming days.
The RSI has been stable with strength indicated and currently with signs of positive reversal, we anticipate further rise in the coming session and can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 795 keeping the stop loss of 740 level.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
